Wells Fargo vs. Chase: Which Large Bank Should You Opt For?
Thomas J. Brock, CFA, CPA, Financial Advisor
At a Glance
When choosing a large bank, two names that often come to mind are Wells Fargo and Chase. Both well-established banks offer a wide range of financial products and services. However, deciding between the two can be a daunting task. In this article, we will compare Wells Fargo and Chase in terms of their services, fees, customer service, and overall reputation to help you decide which option may be better for your banking needs.
In this article, you’ll learn:
- Wells Fargo vs. Chase – Overview
- Why you should choose Wells Fargo
- Why you should choose Chase
- Wells Fargo vs. Chase – Checking accounts
- Wells Fargo vs. Chase – Savings accounts
- Wells Fargo vs. Chase – Certificates of Deposit
- Wells Fargo vs. Chase – Fees
- Wells Fargo vs. Chase – Credit cards
- Wells Fargo vs. Chase – Banking experience
- Bottom line
- FAQs
Wells Fargo vs. Chase – Overview
| Wells Fargo | Chase | |
|---|---|---|
| Checking accounts | The Wells Fargo Everyday Checking account is the most popular account best for flexible convenience for everyday banking. With a monthly service fee of $10 (though there are ways to waive it) and a $25 minimum deposit, you’ll get access to overdraft protection, a digital wallet, Zelle, an award-winning mobile app, and more. Plus, get a $300 bonus when you open an Everyday Checking account with qualifying activities. | Chase Total Checking gives you access to more than 15,000 ATMs and 4,700 branches. For a $0 or $12 monthly service fee and no minimum deposit, you’ll get access to overdraft protection, online bill pay, mobile check deposit and money transfers, free credit score monitoring, and more. Plus, as a new Chase checking customer, you can earn up to $300 when you open a new account with qualifying activities. |
| Savings accounts | Way2Save Savings is best for building your savings automatically. A $25 minimum deposit and $5 monthly maintenance fee (that can be waived) gives you access to automatic transfers and Save As You Go options with an APY of 0.01%. | Chase Savings is savings made simple. Automatically set money aside, earn interest (0.01% APY), and track your savings through the highly-rated Chase mobile app. You can also access budgeting and financial tools for just $5 a month (with options to waive). |
| Certificates of deposit | Wells Fargo offers Special Fixed Rate CDs and Standard Fixed Rate CDs with terms ranging from four to 12 months and APY up to 5.01%. Minimum deposits must be $2,500 or $5,000, depending on the CD type. | While Chase CDs require a qualifying linked Chase checking account, you can earn up to 5.00% APY on two-, six-, and nine-month CD terms ($1,000 minimum deposit). |
| Fees | Wells Fargo has a variety of fees, including monthly service fees (with opportunities to have them waived), non-Wells Fargo ATM fees, fees for cashier’s checks and money orders, overdraft fees, and wire transfer fees. | Chase also has monthly service fees, non-Chase ATM fees, overdraft fees, wire transfer fees, check and money orders, and others. |
| Other features | Branches: 5,600+
ATMs: 12,000 Customer service: Serves over 68 million customers with a lower-than-average customer review rating (1.8/5 stars according to Consumer Affairs). |
Branches: 4,700+
ATMs: 16,000+ Customer service: Serves over 66 million customers with a lower-than-average customer review rating (1.5/5 stars according to Consumer Affairs) |
Why you should choose Wells Fargo
Below are a few reasons why someone might choose Wells Fargo.
- Branch and ATM accessibility: Wells Fargo has a large network of branches and ATMs, which can be convenient for customers who prefer in-person banking or need access to cash.
- Product offerings: Wells Fargo offers a variety of banking products, including checking and savings accounts, credit cards, loans, and investment services, which can meet the needs of different types of customers.
- Technology and online banking: Wells Fargo provides online and mobile banking services, allowing customers to manage their accounts, pay bills, and transfer money conveniently.
- Reputation and history: Wells Fargo is a well-established bank with a long history, which may give some customers a sense of security and trust.
- Customer service: Like other banks, Wells Fargo aims to provide good customer service, offering support through various channels, such as phone, online chat, and in-person.
Pros and cons of Wells Fargo
| Pros | Cons |
|---|---|
| Large ATM and branch network | Fees |
| Range of products | Lower interest rates; no APY on checking accounts |
| Online and mobile banking | Account minimums |
| Well-established with long history | |
| Variety of customer service access options |
Why you should choose Chase
Choosing a bank, including Chase, depends on your needs and preferences. Below are some reasons why people might choose Chase.
- Branch and ATM availability: Chase has a large network of branches and ATMs, which can be convenient if you prefer in-person banking or need easy access to cash.
- Online and mobile banking: Chase offers robust online and mobile banking services, allowing you to manage your accounts, pay bills, and deposit checks from anywhere.
- Variety of accounts: Chase offers a variety of checking and savings accounts, as well as credit cards, mortgages, and other financial products, giving you a variety of banking options.
- Customer service: Access customer service support by phone, online chat, or in-person at branches.
- Financial tools and resources: Chase provides financial tools and resources to help you manage your money and make informed financial decisions.
- Security: Chase has security measures in place to protect your accounts and personal information, such as fraud monitoring and alerts.
Pros and cons of Chase
| Pros | Cons |
|---|---|
| Large branch and ATM network | Fees |
| Online and mobile banking | Minimum balance requirements |
| Variety of financial products | Lower APY on savings; no APY on checking |
| Sign-up bonuses and rewards programs | |
| Finance, budgeting, and credit monitoring tools |
Wells Fargo vs. Chase – Checking accounts
| Wells Fargo Everyday Checking | Chase Total Checking | |
|---|---|---|
| Overview | The Everyday Checking account is Wells Fargo’s most popular account, best for flexible convenience for everyday banking. Open one of these accounts in minutes online or at a local branch and get access to overdraft protection, a digital wallet, Zelle, an award-winning mobile app, and more. | Chase Total Checking gives you access to overdraft protection, online bill pay, mobile check deposit and money transfers, free credit score monitoring, and more. This is the bank’s most popular account for everyday banking needs. |
| Monthly fee | $10
Waive the monthly service fee with one of the following each fee period: $500 minimum daily balance, $500 or more in total qualifying electronic deposits, the primary account owner is 17-24 years old, has a Wells Fargo Campus ATM card or Campus Debit Card linked to the account, or a qualifying monthly non-civilian military direct deposit. |
$12
Waive the monthly service fee with one of the following each monthly statement period: electronic deposits made into the account total $500 or more, maintain a balance of at least $1,500 or more, or have an average beginning day balance of $5,000 or more in any combination of this account and linked qualifying deposits/investments. |
| Minimum deposit | $25 | N/A |
| Sign-up bonus | Get a $300 bonus when you open an Everyday Checking account with a minimum opening deposit of $25 and depositing $1,000 or more within 90 days of opening. | Get a $300 bonus when you open a Chase Total Checking account and make direct deposits totaling $500 or more within 90 days of coupon enrollment. You must apply the coupon code when you open an account. |
| APY | N/A | N/A |
| ATM network | 12,000+ | 16,000+ |
| Apply Now | Apply now |
Winner – Chase
Chase Total Checking may be considered better than Wells Fargo Everyday Checking for several reasons. First, Chase provides a larger network of branches and ATMs, making it more convenient for customers who prefer in-person banking. Chase doesn’t have a minimum deposit, and its current sign-up bonus is easier to get than Wells Fargo ($500 in 90 days vs. $1,000 in 90 days). While Chase’s monthly service fee is a couple of dollars more, it provides a variety of ways to waive the fee.
Wells Fargo vs. Chase – Savings accounts
| Wells Fargo Way2Save | Chase Savings℠ | |
|---|---|---|
| Overview | Way2Save Savings is best for consumers looking to build their savings automatically. With Save As You Go transfers, you get automatic transfers of $1 from your linked checking account to your savings account each time you use your debit card or complete a Bill Pay transaction online. Plus, set up regular automatic transfers to save daily or monthly. | Chase Savings is savings made simple. Automatically set money aside, earn interest, and track your savings through the highly-rated Chase mobile app. You also get access to budgeting and financial tools. |
| Monthly fee | $5
Waive the monthly service fee when you have one of the following each fee period: $300 minimum daily balance, one automatic transfer each fee period of $25 or more (from a linked Wells Fargo checking account), one automatic transfer each business day of $1 or more (from a linked Wells Fargo checking account), or the primary account owner is 24 years old or younger. |
$5
Waive the monthly service fee with one of the following each monthly statement period: a balance at the beginning of each day of $300 or more, $25 or more in total Autosave or other repeating automatic transfers from your Chase checking account, have a linked Chase College Checking account, be 18 or younger, or have a linked Chase Premier Plus Checking, Chase Sapphire Checking, or Chase Private Client Checking account. |
| APY | 0.01% | 0.01% |
| Minimum deposit | $25 | $0 |
| Sign-up bonus | New customers can earn $525 by opening a new account (with a minimum deposit of $25) and depositing $25,000 or more into your account within 30 days and maintaining at least a $25,000 balance for 90 days. | New customers can earn $200 by opening a new Chase Savings account, depositing at least $15,000 into the account within 30 days, and maintaining a balance of at least $15,000 for 90 days. |
| Apply Now | Apply now |
Winner – Tie
When it comes down to it, savings accounts through Chase and Well Fargo are very similar. They both have a $5 monthly service fee with a variety of ways to waive it and a 0.01% APY on your savings, and ways to enhance savings via transfers and automatic savings tools.. They also both offer a sign-up bonus and while Wells Fargo offers more, it requires a larger deposit and a maintained balance to earn it.
One benefit Chase does have over Wells Fargo is that there’s no required minimum deposit.
Wells Fargo vs. Chase – Certificates of Deposit
| Wells Fargo | Chase | |
|---|---|---|
| Overview | Wells Fargo offers Special Fixed Rate CDs and Standard Fixed Rate CDs with terms ranging from four to 12 months and APY up to 5.01%. Minimum deposits must be $2,500 or $5,000, depending on the CD type. You can get a higher rate if you have a linked Prime Checking or Premier Checking account. | While Chase CDs require a qualifying linked Chase checking account, you can earn up to 5.00% APY on two-, six-, and nine-month CD terms ($1,000 minimum deposit). Chase also has terms of one, three, 12, 15, 18, 21, 24, 30, 36, 42, 48, 60, 84, and 120 months. |
| Interest rate | Special Fixed:
Standard Fixed:
|
Featured terms:
Other terms:
Rates for customers without an existing Chase relationship are 0.01%. |
| APY | Special Fixed:
Standard Fixed:
|
Featured terms:
Other terms:
APY for customers without an existing Chase relationship is 0.01%. |
| Minimum deposit | Special: $5,000
Standard: $2,500 |
$1,000 |
| Apply Now | Apply Now |
Winner: Wells Fargo
The winner of this category really depends on what you are looking for in a CD, though Wells Fargo slightly pulls ahead, because even if you’re not a current Wells Fargo customer, you can get higher APY on your CD (up to 4.75%) compared to non-Chase customers, who only earn 0.01% on all amounts. That said, Wells Fargo has fewer term options and higher minimum deposits. However, while Chase has more terms options and a lower minimum deposit, you must be a customer to earn higher rates and the rates aren’t as high as Wells Fargo (in some cases).
To choose a winner for yourself, determine what minimum deposit makes sense to you and whether you’re an existing customer or not (or want to become one to get the higher rates).
Wells Fargo vs. Chase – Fees
| Wells Fargo | Chase | |
|---|---|---|
| ATM fees | $2.50 (per transaction with each non-Wells Fargo ATM) | $3 for non-Chase ATMs |
| Overdraft fees | $35 per item; no fee for declined transactions
$0 on items of $5 or less |
$34 per transaction (when overdrawing by more than $50)
$0 with overdraft assist, if you’re overdrawn by less than $50, or your transaction is $5 or less |
| Other fees | Checking monthly service fee: $10 or $0
Savings monthly service fee: $5 or $0 Cashier’s checks: $10 each Money order: $5 Wire transfer: $15 (incoming domestic and international); $25 (outgoing domestic and international) |
Checking monthly service fee: $12 or $0
Savings monthly service fee: $5 or $0 Cashier’s checks: $10 per check Money order: $5 Wire transfers: $15 (incoming domestic and international); $35 (outgoing domestic wire) or $25 (online domestic wire) |
Winner: Tie
Many of these fees from Wells Fargo and Chase are the same, or very similar. Both have overdraft protection (though Chase offers more ways to avoid an overdraft fee). Both have a monthly service fee for checking and savings accounts with options to waive them., They have similar fees relating to cashier’s checks, money orders, and wire transfers.
Wells Fargo vs. Chase – Credit cards
When comparing Wells Fargo and Chase credit cards, it’s important to consider factors such as rewards, fees, interest rates, and cardholder benefits. Below are some of the best credit cards offered by each bank.:
Wells Fargo:
- Wells Fargo Active Cash Card: This card earns unlimited 2% cash back on all purchases, with no categories to track or limits on how much you can earn. Plus, get 0% intro APR for 15 months on purchases and balance transfers, a $0 annual fee, Visa Signature privileges, and cell phone protection.
- Wells Fargo Autograph Card: Earn 3x points on restaurants, travel, gas stations, transit, popular streaming services, and phone plans, and 1x points on all other purchases. There’s no annual fee, 0% intro APR for 12 months on purchase, cell phone protection, roadside dispatch, auto rental collision damage waiver, Visa Signature benefits, and more.
- Wells Fargo Reflect Card: Enjoy 0% intro APR for 21 months on purchases and balance transfers. Also get cell phone protection and roadside dispatch.
- Bilt Mastercard: Earn 3x points on dining, 2x points on travel, and 1x points on other purchases, including rent payments. Plus, earn double points on the 1st of each month (6x points on dining, 4x on travel, and 2x other purchases).
- Choice Privileges Mastercard: Earn 5x points on stays at participating Choice Hotels properties and 3x points at gas stations, grocery stores, home improvement stores, and phone plan services. Earn 1x points on other purchases. Plus, unlock automatic Gold Elite membership, get cell phone protection, no foreign currency conversion fee, and Mastercard World Elite benefits.
- Choice Privileges Select Mastercard: Earn 10x points on stays at participating Choice Hotels properties, 5x points on purchases at gas stations, grocery stores, home improvement stores, and phone plan services, and 1x points on other purchases. There is a $95 annual fee, but you also get an anniversary bonus, automatic Platinum Elite membership, Global Entry or TSA PreCheck, cell phone protection, Mastercard World Elite benefits, and more.
Chase:
- Chase Freedom Unlimited®: This card offers unlimited 5% cash back on travel purchased through Chase, 3% back on dining and drugstores, and 1.5% cash back on all other purchases, making it a solid choice for everyday spending. It also has a cash back bonus for new cardholders who meet spending requirements and no annual fee.
- Chase Freedom Flex℠: This card offers 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. It also offers 5% cash back on travel purchased through Chase Ultimate Rewards®, 3% on dining and drugstore purchases, and 1% on all other purchases.
- Chase Freedom Rise: Start building your credit while earning 1.5% cash back on all purchases. Best for new to credit and students.
- Chase Sapphire Preferred® Card: This card is popular for its generous rewards program, offering 2X points on travel and dining at restaurants worldwide, and 1X points on all other purchases. Points can be redeemed for travel through the Chase Ultimate Rewards program.
- Chase Sapphire Reserve: Earn 5x total points on flights and 10x points on hotels and car rentals when you purchase directly through Chase Travel, plus 3x points on dining. Also get airport lounge access, Global Entry or TSA PreCheck, and other travel benefits.
- Prime Visa: Earn unlimited 5% cash back at Amazon.com, Amazon Fresh, Whole Foods Market, and Chase Travel purchases, plus 2% on gas stations, restaurants, and local transit, and 1% on all other purchases. Prime membership required.
- Amazon Visa: Earn cash back at Amazon.com, Amazon Fresh, Whole Foods Market, and Chase Travel purchases, plus 2% on gas stations, restaurants, and local transit, and 1% on all other purchases.
Chase also partners with Southwest Airlines and United Airlines, Marriott Bonvoy, IHG, Disney, Hyatt, British Airways, and others to provide rewards opportunities and luxury travel benefits.
Wells Fargo Active Cash®
Wells Fargo Autograph®
Chase Freedom Unlimited®
Wells Fargo vs. Chase – Banking experience
| Wells Fargo | Chase | |
|---|---|---|
| Branches | 5,600+ | More than 4,700 |
| Customer service | Serves more than 68 million customers with a lower-than-average customer review rating (1.8/5 stars according to Consumer Affairs). | Serves more than 66 million customers with a lower-than-average customer review rating (1.5/5 stars according to Consumer Affairs) |
| Banking app ratings | Apple: 4.9/5
Google Play: 4.8/5 |
Apple: 4.8/5
Google Play: 4.4/5 |
Bottom line
In conclusion, both Wells Fargo and Chase offer a range of banking products and services, with each having its own strengths and weaknesses. Wells Fargo provides a large branch and ATM network, a variety of banking products, and robust online and mobile banking services. However, it has faced controversies that have affected its reputation, and some customers may find its fees and interest rates less competitive.
On the other hand, Chase is known for its well-regarded credit card offerings, extensive branch and ATM network, and strong online and mobile banking services. However, like Wells Fargo, Chase also charges fees for certain services and may not offer the highest interest rates. Ultimately, the choice between Wells Fargo and Chase depends on individual preferences and banking needs.
FAQs
Switching from Wells Fargo to Chase can be worth it for some customers, depending on their banking needs and preferences. Chase offers a strong credit card lineup, a wide branch and ATM network, and robust online and mobile banking services. If these factors are important to you and you’re comfortable with any potential fees or requirements, it could be worth making the switch. However, it’s essential to compare the specific products, fees, and features both banks offer to determine if the switch aligns with your financial goals and lifestyle.
Determining the better bank between Chase and Wells Fargo depends on individual preferences and needs. Chase is known for its strong credit card offerings, extensive branch and ATM network, and robust online and mobile banking services. Wells Fargo, on the other hand, boasts a wide range of banking products, a large branch and ATM network, and strong online banking capabilities. Both banks have faced controversies and offer similar services; So, the choice ultimately comes down to which bank aligns better with your financial goals, lifestyle, and location. It’s advisable to compare the specific products, fees, and features of each bank to make an informed decision.
The top rewards credit cards from Wells Fargo are the Active Cash and Autograph cards. The Wells Fargo Reflect card may work if you need a 0% intro APR. The Bilt Mastercard allows you to earn rewards when paying rent, and the Choice Privileges and Choice Privileges Select Mastercards let you earn extra rewards when staying at Choice Hotels Properties.
Read More: Best Wells Fargo Credit Cards
Chase offers several credit cards that are highly regarded for their rewards and benefits. Some of the best credit cards offered by Chase include the Chase Sapphire Preferred, Chase Freedom Unlimited, Chase Freedom Flex, and Chase Sapphire Reserve. These cards are known for their valuable rewards programs, but the best card for you depends on your spending habits and the rewards you prefer.
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